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Ethereum Plunges 7% as ‘FTX Drainer’ Dumps ETH for Bitcoin

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Ethereum has slipped over 7% on the day as the attacker who purportedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin.

Over the weekend, per blockchain tracker PeckShieldAlert, the exploiter swapped thousands of ETH for renBTC, a form of wrapped Bitcoin, before swapping the resulting tokens for Bitcoin.

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According to data from Etherscan, the on-chain Ethereum holdings of the “FTX Accounts Drainer” dropped 26% from 250,735 to 185,735 over the same period.

The resulting price pressure has seen Ethereum drop by over 7% in the past 24 hours, according to data from CoinGecko.

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On Sunday, Ethereum broke the $1,200 barrier, trading as low as $1118.64, a new weekly low for the cryptocurrency. At press time, ETH trades at around $1,117, with weekly losses of over 8%. Since the start of 2022, ETH has lost nearly 75% of its value.

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Despite the drop in ETH’s price, the Ethereum-based NFT market has remained constructive, with NFT sales volume growing over 16% to $9.3 million over the past 24 hours, per data from Cryptoslam.

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According to DefiLlama, the total value locked (TVL) across all decentralized applications (dapps) on Ethereum is down over 4% to $23.8 billion, indicating a reduction of DeFi activity during the bearish market movement.

Ethereum liquidations. Source: CoinGlass
Ethereum liquidations. Source: Coinglass

According to data from Coinglass, $40 million worth of Ethereum futures trades were liquidated over the past 24 hours. Of the total liquidations, the majority of them (85.98%) were long trades.

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Crypto market sheds billions

The fallout from the collapse of crypto exchange FTX has seen cryptocurrency losses extend, driving the market into deep red territory.

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Over the past day, the total market cap of all cryptocurrencies has slipped by over $30 billion to $832 billion, a drop of over 4%, according to data from CoinGecko.

Per CoinGecko, Bitcoin (BTC) plunged to a new weekly low of $15,976 earlier today. After staging a modest recovery, at press time, Bitcoin is changing hands at around $16,080, down 3.6% over the past 24 hours.

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Nearly $71 million worth of Bitcoin futures positions were liquidated over the past 24 hours, per data from Coinglass. Of the $76 million liquidated, over 90% (around $64 million) were long trades.

Bitcoin liquidations. Source: CoinGlass
Bitcoin liquidations. Source: Coinglass

Following the day’s bearish price momentum, Bitcoin is down over 76% from its all-time high of $69,044 recorded in November 2021, with the market capitalization of Bitcoin plunging from $1.27 trillion last November to under $308 billion today.

Other top 10 cryptocurrencies have also posted losses over the past 24 hours, with Dogecoin down 10%, XRP down 8.9% and Cardano down 7%.

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